Dubai's Emirates airline has posted a 72 per cent year-on-year fall in net profit but says it will continue with its planned fleet expansion and that it has secured funding commitments for more than half the 18 aircraft due to be delivered this year.
In a statement, chairman Sheikh Ahmed bin Saeed al-Maktoum said net profit in the 2008/09 financial year dropped to 1.49 billion dirhams (US$405.8 million) from 5.3 billion dirhams in the previous year. Group revenues grew 10.4 per cent to 46.3 billion dirhams.
"With our strong business fundamentals and track record, we have had no problems securing financing for our growth," Sheikh Ahmed said. The airline has US$52 billion worth of aircraft on order.
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